Questions tagged [inheritance]

for questions related to the practice of passing on property, titles, debts, rights, and obligations upon the death of an individual. Please user appropriate "Country" tag.

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4
votes
1answer
82 views

Lifetime ISA with small stake in an overseas home

I have been using a Lifetime ISA to save towards a deposit on the purchase of my first home. Recently, I inherited a 12.5% share of the house in Germany in which my father currently lives. The rules ...
4
votes
1answer
191 views

Capital gains on vacant land

My husband inherited vacant land when his mother died in 1990. His parents bought this property in 1946 if that makes any difference. We are selling it and am wondering what we will end up with after ...
4
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1answer
184 views

sorting out pensions on death

My mother passed away about 14 months ago. She had 3 pensions that are going to pay a lump sum out due to her death, she died before pensionable age. She nominated me and my two brothers to be the ...
4
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1answer
94 views

When and how to create a will document Vs. inheritance rules

I few questions related to will: Q1: Is there any particular kind of assets for which you must have a will document or inheritance rules are sufficient? In particular: Real Estate Automobile ...
4
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2answers
363 views

What to do with a distribution as a young person?

Thanks to the private company owned by my grandfather, my wife and I received a fairly large lump-sum distribution. We now have a financial advisor and most of our money is in mutual funds, but are ...
4
votes
1answer
233 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
3
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4answers
282 views

Would this inherited house have half-equity or simply a good deal?

The scenario: I have a cousin C who will be left (they've seen the will in advance) their parent's house jointly with their sibling S. The will has a provision for C to buy out S's share at a pre-...
3
votes
3answers
7k views

how to transfer inheritance money to US legally

I have inheritance from my mother in India and would like to bring in USA. I have NRO/NRI account in India. I am aware of 15CB & 15CA forms need to complete. I know that legally I can bring $10,...
3
votes
2answers
375 views

What happens to your spouse's sole proprietorship if they die?

In this case, it is a construction company located in the United States. It is owned by one spouse, all bank accounts/credit cards etc. are co-signed by both. However, the business is a sole ...
3
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1answer
304 views

My mother’s brother died in Germany. He had no wife or children. She is the only living sister

I would like to know if she gets half of what he had and then it is split with nieces and nephews? Or is it all the same? He had a document for his house that said the house is to be sold and will ...
3
votes
2answers
190 views

1/3 owner of home, can I use my part for down payment for mortgage and buy out remaining 2/3?

I inherited 1/3 ownership of my deceased parents' home. I want to buy out my 2 brothers. We are all in complete agreement of this. Can I use my 1/3 portion as a down payment toward a mortgage loan ...
3
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1answer
121 views

Executors distribution

If I am a beneficiary and inherit a property and and insurance policy. Can the executor put a large chunk of the money back into the estate without my consent. There are no debts on the house, just an ...
3
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1answer
710 views

28 years old and just inherited large amount of money and real estate - unsure what to do with it [closed]

So a little info for starters: as said in the topic, I'm 28 years old and come from a quite well-off family. I actually earn quite a lot of money myself, but I never get to use it - I spend at most 1/...
3
votes
1answer
324 views

Dealing with Home inheritance

I have been living in my grandmother's house for the past 20 years. The house has been paid off for years. During that time, I have taken care of her and the house until she got bedridden. My aunt had ...
3
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3answers
17k views

Lump sum annuity distribution — do I owe estate tax?

I recently inherited an annuity, and I am considering taking a lump sum distribution. I thought I had the income tax situation sussed out, but then I stumbled across mention of a possible estate tax. ...
3
votes
1answer
168 views

Are all the capital gain of a house or stocks tax free and have a new cost basis if passed as inheritance?

I was watching a YouTube video by TechLead, and he said that in USA, if a house or stock is passed down as inheritance, then it has an adjusted cost basis of when the person passed away. So as an ...
3
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1answer
306 views

Should I be concerned about inherticance if sibling is living with parents?

My parents are about to retire this year, and have a comfortable pension from my Dad's various trade jobs he's worked over the years ($120,000.00/year), which is corrected for inflation each year. ...
3
votes
1answer
4k views

How to transfer inheritance money from India to USA

I'm a US citizen. My father, who was a citizen of India, died last year. My father had CD in Banks and a property in India. The property was legally sold and all taxes in India paid. We are 4 sisters, ...
3
votes
1answer
96 views

Are inheritance tax and capital gains due on UK property joint owned by parents and children?

Around twenty years ago my parents amended the ownership of the family home so it was jointly owned one quarter each by my parents, my sister and I. At the same time they made wills stating that their ...
3
votes
1answer
249 views

Can a life insurance policy benefit be paid if the estate is contested?

My grandfather passed away and left an insurance policy in my name. My mother is contesting the last will and testament due to another family member completing fraudulent acts with my grandfather's ...
3
votes
1answer
453 views

U.S./Irish taxes on U.S. retirement account inherited from uncle?

I was just wondering if I could have some help on this. I live in Ireland and my uncle passed away 2014. He was a USA Green Card holder. He left myself and my sister between us $240,000 from his ...
3
votes
1answer
521 views

How do we decide where to pay back debts when someone dies without a will and has both Credit Card Debt and Debts to Family Members?

I have an aunt that died without a will and with a large amount of credit card debt. She lived in Illinois before her death. Before she passed away, I physically took care of her and paid a large ...
3
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0answers
80 views

Transfer from Russia to the US after inheritance

My adult children will inherit an apartment in St Petersburg Russia. After the complexities of selling, taxes, etc., will there be any problem with a bank transferring the proceeds to the US? Will US ...
3
votes
1answer
106 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
2
votes
4answers
11k views

Resident sibling paying property taxes until inherited house sale--financially fair/appropriate?

My two siblings and I are working out our inheritance, one piece of which is our late mother's home. My wife and I had been living here, rent-free (and unemployed and at a mid-career impasse/life ...
2
votes
4answers
246 views

What's the official reasoning behind “stepped-up basis” when selling inherited property?

Note: "official" here means "on-paper". Meaning: I'm not asking what's the true reason this stepped-up basis calculation exists, but rather how it's justified on paper. This is to prevent this from ...
2
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5answers
479 views

Family inheritance and property

I would like some advice on property allocation between siblings and parents. We all live in England. I have a sibling whom I love very much. We both get along with our parents who are divorced. We ...
2
votes
1answer
394 views

House inheritance tax question

I am a little at a loss. A couple years before my mother-in-law passed away she signed her house over to my wife and her sister via a quitclaim deed. After she passed we sold the house for $80,000....
2
votes
1answer
276 views

If I’m beneficiary on a life insurance policy can gamy make me share it

My mother in law named me as her beneficiary on her life Insurance policy. She lived with me for many years before passing. We are in the state of North Carolina . One of her sons has decided that he ...
2
votes
2answers
302 views

canadian citizen who has not filed a canadian tax return in 30 years

i'm a canadian citizen, have always lived in canada, and have not filed a tax return in 30 years. I also have not been in anyone's 'employment' during that time. In addition the last income I did ...
2
votes
1answer
426 views

Unclaimed Foreign Inheritance

I do not know where to start. My grandmother died in July 2011 in Guangzhou, China (she is a Chinese citizen). She owned an apartment, and money in her bank account(s). The biggest problem in this ...
2
votes
3answers
854 views

Should I buy out my brother on a property we will inherit before making improvements?

I will be 50% owner of my dad's home when he passes, and I want to own it all, and my brother is willing to sell me his half. Right now my dad is living and it has come to the point where he needs ...
2
votes
2answers
1k views

capital gains tax on inherited property

So let's say you have a primary residence that was purchased for $50,000 with no money having been spent on improvements and that it's now worth $750,000 according to the tax appraisal district that ...
2
votes
2answers
2k views

mortgage on half property

My brother and I have been left a house by my late mother, I only work part time and I would like to know if I could borrow money secured on my half of the property to buy my brother out?
2
votes
1answer
45 views

If a UK citizen living and paying tax in California USA has a UK relative die, what US tax would they pay?

If you have a relative living in the UK die and leave an inheritance (eg over $1m), how much total US tax would you pay? How much more would you pay vs being in the UK?
2
votes
1answer
147 views

Heritability of Student Loan Debt in Colorado

If a person does not pay his or her student loan debt off before he or she dies, what happens to that debt?
2
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1answer
205 views

Old Barn House: Hidden Costs?

Thank you in advance, I never thought about money twice before visiting this site! Background Info: Germany. I am in my mid 20s. My long term boyfriend and I make around 100k a year together. He ...
2
votes
1answer
946 views

Transferring inheritance money from USA to the UK

I have some inheritance money that will soon be paid out in the US (I am a US citizen). I would like to transfer it to the UK, where I currently live, to help buy a property. Will the money be taxed ...
2
votes
1answer
139 views

What is the tax liability from an inheritance from a trust and reported on a K-1 form?

I'm receiving an inheritance from the death of my grandmother. The money is being distributed from a trust, and I am told that the distributions are going to be reported on K-1 forms and I will need ...
2
votes
1answer
400 views

What to do with my inheritance?

I received an inheritance of 120K. So far I paid off our second mortgage. I also paid off all credit card debt. I have 80K left. This is the biggest payout we will likely ever receive. My husband ...
2
votes
1answer
86 views

Spain: Inheritance taxes due for UK citizen living and working in Spain

Consider a UK citizen who is resident (namely living, and paying income taxes, but not of permanent residence or of Spanish citizenship) in Spain and becomes an heir/beneficiary of a UK death estate. ...
2
votes
1answer
77 views

Inheritance Tax on money received abroad

I am a dual UK and Bangladeshi citizen who recently inherited money from my father in Bangladesh. I want to bring the money over to purchase a flat in the UK. Would i be liable to inheritance tax?
2
votes
1answer
153 views

Spouse Inheriting only part of an IRA

Assume: Alice (63) and Bob (68) are married and each has both a traditional and Roth IRA Bob's IRA beneficiary designation is 60% to Alice and 40% to his brother Charlie (58), on both the traditional ...
2
votes
1answer
9k views

Financial considerations in buying out siblings on inherited house

My wife and I have the option to buy out my late mother's house from my two siblings; we currently are in the process of inheriting it jointly. They would like to sell the house to someone as soon as ...
2
votes
1answer
2k views

Are the inheritance laws different for a green card holding spouse in the U.S. vs a U.S. Citizen?

Spouse is concerned that she will not be given the same transfer as a wife who is a U.S. Citizen. My understanding is a spouse is a spouse, but looking for confirmation.
2
votes
2answers
270 views

I need help understanding inheritance annuities

I am getting an inheritance in the form of an annuity. Am I better off with the annuity or a lump sum. Can I change it to a lump sum? Can I ask for a once a year instead of a monthly annuity? Can I ...
2
votes
2answers
396 views

I'm 25 years old and about to inherit $100,000 CAD, best thing to do with this?

I have roughly $30,000 CAD saved already and I've been looking to get my own place, perhaps a Condo but the prices in the GTA are just absurd, you're looking at 500k for a 1 bedroom/1 den/1 bath pre ...
2
votes
1answer
80 views

Finishing university and not sure if I want to work in my field or to continue my dad's business [closed]

As context, I'm an electrical engineering student currently working on my bachelor thesis. Also, my dad owns a business that process flat glass by doing cuts, shapes, etc. with the majority of the ...
2
votes
1answer
213 views

US tax liability for beneficiary of UK bypass trust

In the UK, discretionary will trusts (DWT) often were, and to some extent still are, used to ensure that married couples could take advantage of both spouses' nil-rate-band (i.e. estate tax exemption ...
2
votes
1answer
2k views

In India, does inheritance income need to be declared while filing returns?

In India, does inheritance income need to be declared while filing returns? What if the said income is received as a cheque from the nominee? For example, consider that a parent with three children ...